This article is from cointelegraph.com.br and the original article can be read here in Portuguese
One of the main Brazilian companies in the payments technology sector, Elo, will promote an open challenge to startups whose objective is to leverage projects that use cryptoassets and their underlying technology to “increasingly democratize digital means of payment”.
The challenge is part of the company’s innovation program and will select up to 10 startups that present projects capable of enhancing the potential and opportunities of digital assets as a means of payment.
In the press release, the company emphasizes that the sector is not restricted to digital currencies and, therefore, projects that explore adjacent technologies such as DeFi (decentralized finance), NFTs (non-fungible tokens) and the metaverse are also eligible to participate in the challenge.
The startups who present the projects that are most aligned with Elo’s strategy will be able to propose different ways of integrating their products with the company’s objectives, as highlighted by Felipe Maffei, Director of Products and Innovation at Elo:
“We work together with the startup ecosystem in the constant search for new business models and technological solutions that help us build the future of means of payment, so we created a program that makes it possible to combine our expertise and capillarity with the solutions of partners who wish to be part of of this process”.
Proof of concept (PoC), development of minimum viable product (MVP) and commercial partnerships are some of the possibilities listed by the company.
In the statement, the company points out that since last year the cryptocurrency and stablecoin market grew at an accelerated pace in Brazil. The booming adoption of cryptoassets allows the company and the startups explore these new market segments.
Enabling the population to use these new technologies, developing new products and solutions, opening new fronts of action is the final objective of the challenge proposed by Elo, as Duda Davidovic, Superintendent of Innovation at the company, explained:
“When we talk about exploring these themes within Elo, we are interested in understanding what new consumer behaviors will be, new use cases that will emerge, new business models, and how technology will help the user generate new opportunities to make your life easier and better. Our ambition is to be part of building that future”.
As Cointelegraph Brasil recently reported, B3, the Brazilian Stock Exchange, will launch a investment fund of BRL 600 million focusing on the development of new technologies for the financial system. Asset tokenization, decentralized finance, carbon credits, solutions for fintechs, neobanks, energy, crowdfunding and payments are among the sectors that may receive contributions from the fund.
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